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Consolidated and Combined Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
REVENUE        
Property rentals $ 57,380 $ 57,626 $ 114,966 $ 115,050
Tenant expense reimbursements 20,451 18,902 44,754 43,699
Management Fees Revenue 693 134 1,228 265
Other income 191 158 1,550 438
Total revenue 78,715 76,820 162,498 159,452
EXPENSES        
Depreciation and amortization 14,233 13,698 27,965 27,296
Real estate taxes 12,517 12,744 25,341 25,410
Property operating 10,985 11,333 27,508 27,899
General and administrative 6,792 4,560 19,118 9,669
Ground rent 2,565 2,654 5,079 5,210
Transaction costs 427 0 22,286 0
Provision for doubtful accounts 389 358 712 727
Total expenses 47,908 45,347 128,009 96,211
Operating income 30,807 31,473 34,489 63,241
Interest income 51 8 62 17
Interest and debt expense (13,241) (13,138) (28,410) (26,268)
Income before income taxes 17,617 18,343 6,141 36,990
Income tax expense (464) (319) (1,005) (1,050)
Net income 17,153 18,024 5,136 35,940
Less net income attributable to noncontrolling interests in:        
Operating partnership (986) 0 (426) 0
Consolidated subsidiaries (5) (6) (11) (11)
Net income attributable to common shareholders $ 16,162 $ 18,018 $ 4,699 [1] $ 35,929
Earnings (loss) per common share - Basic (in usd per share) $ 0.16 $ 0.18 $ 0.05 $ 0.36
Earnings (loss) per common share - Diluted (in usd per share) $ 0.16 $ 0.18 $ 0.05 $ 0.36
Weighted average common shares outstanding - basic 99,250 99,248 99,249 99,248
Weighted Average Number of Shares Outstanding, Diluted 99,274 99,248 99,265 99,248
[1] (1) Net loss earned from January 1, 2015 through January 15, 2015 is attributable to Vornado as it was the sole shareholder prior to January 15, 2015. Refer to Note 1 - Organization